Open for inspections
Open inspections allow potential buyers to get a feel for the home. Make sure you spend time tiding up and preparing your home for inspection as you want to ensure your property makes a great impression on potential buyers. Your agent will record the details of attendees and provide comments and feedback to you.
When you get a willing buyer, you move onto the next step.
Negotiation and Contract
If you are selling via private treaty, tender or expression of interest, you will receive offers via your agent. They will discuss these with you and then negotiate to get the best price and conditions of sale for you.
If you are selling via auction, your property will be taken to auction. An auction is a public sale, usually conducted by an auctioneer or a qualified real estate agent and is governed by strict rules. It is advertised for a specific place, time and date and prospective buyers bid for the property with the property being sold to the highest bidder.
Once terms are agreed upon, contracts are signed and the buyers will pay a security deposit which is normally 10% of the sale price. If you sell your property via auction, there is no cooling off period; the successful bidder is legally obliged to buy the property.
Property settlement is the process of transferring property from one owner to another – it is literally when ownership of a property is handed over from the seller to the buyer.
The date of settlement is specified in the contract of sale and is usually 30 – 90 days after you have exchanged contracts either at auction or via private treaty.
As settlement day approaches, both the buyer and seller’s solicitors or conveyancers, will contact each other to ensure conditions have been fulfilled and to organize payment transfers. You won’t need to actually be present for settlement to go ahead, as the solicitors/ conveyancers can do this without you.
Settlement day is when the buyer’s lender authorizes the payment for the balance of the home. This means you can expect to receive payment for the property on this date.
The buyer and their solicitor will also organize the deposit to be transferred to you. This deposit is usually held in a trust account by your real estate agency until settlement day.
On this day, the seller transfers the property title (handover) across to the new registered owner and the new owner takes possession of the property by way of keys being given to the new owner. This is normally facilitated by your conveyancer or solicitor who passes them onto the buyer’s solicitor.
This means you’ll need to be fully moved out before settlement day to ensure the home is ready for the new owners.